PSUD (.135) PetroSun Announces Recent Algae-to-Biofuel Development
Wednesday, June 25 2008 9:25 AM, EST
Market Wire "US Press Releases "
SCOTTSDALE, AZ -- (MARKET WIRE) -- 06/25/08 -- PetroSun, Inc. (PINKSHEETS: PSUD) announced today that the company has advanced as a team member to the award consideration phase for the development of jet fuel derived from algae. We anticipate the final award negotiation process to commence after June 30, 2008 .
"Our shareholders should be aware of the important role PetroSun has ascended to within the algae based sustainable fuels industry," stated Gordon LeBlanc, Jr., CEO of PetroSun. "It is frustrating that we are restricted to this generic release of information today based solely on the current status of the alternative jet fuel program. Being a team player is something we understand; being politically correct is not on our agenda during what should be a period of an all out effort to succeed in the development of global sustainable energy resources. PetroSun will continue to move forward independently and with industry partners to fulfill the commercial promise of algae derived biofuels."
About PetroSun
PetroSun's operations include oil and gas exploration, development, production, oilfield tubular sales and algae-to-algal oil alternative biofuel production. The oil and gas division is focused on the exploration of the Holbrook Basin of Arizona , the San Juan Basin of New Mexico , Australian based prospects and the development of oil and gas reserves in Louisiana . PetroSun Oilfield, a wholly owned subsidiary, is engaged in the importing of tubing and casing from China for marketing and distribution within the US market. The alternative fuels division has entered the commercial stage of its algae-to-biofuels production technology. The Company plans to establish algae farms and algal oil extraction plants in Louisiana , Texas , Arizona , Mexico and Central America during 2008. The algal oil product will be marketed as feedstock to existing biodiesel refiners and planned company owned refineries. PetroSun is headquartered in Scottsdale, Arizona with field offices in Shreveport, Louisiana and Rio Hondo, Texas . For more information about PetroSun visit the company's website at www.petrosuninc.com.
Except historical matter contained herein, matters discussed in this news release are forward-looking statements and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties, which may affect the Company's business and prospects and cause actual results to differ materially from these forward-looking statements.
Contact:
Investor Relations
Osprey Partners
732-292-0982
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